Calpers Braces for Lower Returns in ‘Most Challenging Market’

  • Largest U.S. pension fund may gain 6.2% a year, Wilshire says
  • Depressed interest rates, uncertain stock market dim outlook

The California Public Employees’ Retirement System, the largest U.S. public pension fund, is ratcheting down expected investment gains over the next decade as low interest rates and a gloomier stock market depress returns.

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